What does it mean to Surrender?
To Surrender, in terms of bankruptcy, means to give back whatever property you owe to the creditor you owe it to. If you surrender your property, you would give it back to the proper creditor and then you would be cleared of all liabilities for that debt and lien. Surrendering a property is a good option if you no longer want or need the property, cannot afford payments on it, owe more than the value of the property, or think you may not be able to make payments on it in the future. However, before you consider surrendering your property, you should consult with an experienced bankruptcy to see what your best options are.